Try it, but excess food intake causes changes in intestinal microbiote compsition. The more the microbiote is rich in diversity the more it can protect against obesity and adiposity.
See Nature 500 p 541-549 Le Chatellier et al. 2013
You can have peroxidation, the problem with adding antioxidants is that if you give them in excess, they became actually pro-oxidants (a classical example is vitamin C), making the situation worse, so actually the best way is to give a well-balanced diet.This is true for a lot of other nutrients i.e. iron that has a low threshold between the amount necessary and a high toxicity.
The Major reason of excess food causing increased lipid levels is conversion of excess carbohydrates to triglycerides that causes dyslipidemia. Also the fat levels in consumed food will act as direct source of triglycerides that in turn will lead to bad cholesterol- small dense LDL subtypes.